Oil From U.S. Reserves Sent Overseas as Gasoline Prices Stay High

[Gunny]

Just in case you aren't outraged enough or your eyes aren't rolling around in your head enough, here's what's going on with the oil reserves Jerkin' Joe released to help bring oil/gas prices down for us here in the US.

They're just throwing shit in our faces at this point.

By Arathy Somasekhar

HOUSTON (Reuters) -More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs.


The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos.

About 1 million barrels per day is being released from the Strategic Petroleum Reserve (SPR) through October. The flow is draining the SPR, which last month fell to the lowest since 1986. U.S. crude futures are above $100 per barrel and gasoline and diesel prices above $5 a gallon in one-fifth of the nation. U.S. officials have said oil prices could be higher if the SPR had not been tapped.

"The SPR remains a critical energy security tool to address global crude oil supply disruptions," a Department of Energy spokesperson said, adding that the emergency releases helped ensure stable supply of crude oil.

The fourth-largest U.S. oil refiner, Phillips 66, shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy, according to U.S. Customs data. Trieste is home to a pipeline that sends oil to refineries in central Europe.

Atlantic Trading & Marketing (ATMI), an arm of French oil major TotalEnergies, exported 2 cargoes of 560,000 barrels each, the data showed.
Phillips 66 declined to comment on trading activity. ATMI did not respond to a request for comment.

Cargoes of SPR crude were also headed to the Netherlands and to a Reliance refinery in India, an industry source said. A third cargo headed to China, another source said.

At least one cargo of crude from the West Hackberry SPR site in Louisiana was set to be exported in July, a shipping source added.

"Crude and fuel prices would likely be higher if (the SPR releases) hadn't happened, but at the same time, it isn't really having the effect that was assumed," said Matt Smith, lead oil analyst at Kpler.


The latest exports follow three vessels that carried SPR crude to Europe in April helping replace Russian crude supplies.

U.S. crude inventories are the lowest since 2004 as refineries run near peak levels. Refineries in the U.S. Gulf coast were at 97.9% utilization, the most in three and a half years.

(Reporting by Arathy Somasekhar in Houston; Editing by Chizu Nomiyama and Sam Holmes)

Copyright 2022 Thomson Reuters.

https://www.usnews.com/news/top-news...ices-stay-high

[Gunny]

Guess the word got out. Didn't take long. Gas was $4.20-something yesterday. $4.99 today

[BoogyMan]

Now we will be seeing good ole Joey going to MBS in the land of Saud to beg for production increases.

1. He squashed new leases.
2. He cancelled our pipeline work and is considering more.
3. He is regulating the oil and gas industry into oblivion.
4. He tells us Putin is at fault as if we are stupid.

Joe Biden is a traitorous piece of garbage with a penchant for sniffing children. Why do we allow this?

[icansayit]

MORE THAN 2 WITNESSESS HAVE SEEN JOE BIDEN COMMITT TREASON per the U.S. Constitution.

[fj1200]

A. This doesn't appear to be unexpected.

https://www.foxbusiness.com/politics...ed-china-india

B. We've been selling sour crude which US refineries don't like.

https://www.bloomberg.com/news/artic...h-u-s-refiners

C. It's kind of a 'meh' in my book though it looks awful and releasing from the SPR probably isn't doing a whole lot.

[Tyr-Ziu Saxnot]

Now we will be seeing good ole Joey going to MBS in the land of Saud to beg for production increases.

1. He squashed new leases.
2. He cancelled our pipeline work and is considering more.
3. He is regulating the oil and gas industry into oblivion.
4. He tells us Putin is at fault as if we are stupid.

Joe Biden is a traitorous piece of garbage with a penchant for sniffing children. Why do we allow this?

And so was the scum, the devious lying scum the obama..
THERE HAS NOT BEEN A GOOD DEM PRESIDENT SINCE JFK!!!
These last 3 dem Presidents we have had, have been totally corrupt and totally--owned-- by the globalists, imho..-Tyr

[Gunny]

A. This doesn't appear to be unexpected.

https://www.foxbusiness.com/politics...ed-china-india

B. We've been selling sour crude which US refineries don't like.

https://www.bloomberg.com/news/artic...h-u-s-refiners

C. It's kind of a 'meh' in my book though it looks awful and releasing from the SPR probably isn't doing a whole lot.

The "bigger picture" is it's just another "in your face" from the Biden Admin and its shot-callers.

Not to mention unless specifically designed to sabotage anything in China it touches, I don't want them getting even our bad oil.

[fj1200]

The "bigger picture" is it's just another "in your face" from the Biden Admin and its shot-callers.

Not to mention unless specifically designed to sabotage anything in China it touches, I don't want them getting even our bad oil.

No disagreement here. It's just not unexpected. Apparently our SPR is all sour crude and not something that can just be included in our current refineries because we're almost at capacity so retooling for sour woudn't make sense.

[SassyLady]

No disagreement here. It's just not unexpected. Apparently our SPR is all sour crude and not something that can just be included in our current refineries because we're almost at capacity so retooling for sour woudn't make sense.

How much was sold to China before Biden?

[fj1200]

How much was sold to China before Biden?

Your answer would be here...
https://www.eia.gov/dnav/pet/hist/Le...s=MTTEXCH1&f=M

It seems to have peaked in 2020.

[hjmick]

Once released from the SPR, the oil companies can sell it to anyone, anywhere. That's the law, not Biden.

He should have NEVER tapped the SPR. It is not meant to lower prices at the pump because we're all whining about paying more.

[Tyr-Ziu Saxnot]

Once released from the SPR, the oil companies can sell it to anyone, anywhere. That's the law, not Biden.

He should have NEVER tapped the SPR. It is not meant to lower prices at the pump because we're all whining about paying more.

When in trouble, when flailing away, any gimmick will do.....
At least so thinks the DIC...= Dunce In Charge.....
Or rather, should one say the truth-- so thinks his handlers???--Tyr

[Gunny]

No disagreement here. It's just not unexpected. Apparently our SPR is all sour crude and not something that can just be included in our current refineries because we're almost at capacity so retooling for sour woudn't make sense.

So the rest of the story according to Fox News is:

Biden cut a deal with Ping Pong. We would release the oil reserves and China would release the same amount in an attempt to bring down global oil price. The US released it's reserves and China bought it all and didn't release crap.

Not that I would have expected China to. Point is, neither did Biden and/or his handlers.

I'll take your word for it we can't use the oil since I know nothing about that; which, leaves only the symbolism. Symbolism being more important than the act to the people of this country, and the West for that matter.

[fj1200]

So the rest of the story according to Fox News is:

Biden cut a deal with Ping Pong. We would release the oil reserves and China would release the same amount in an attempt to bring down global oil price. The US released it's reserves and China bought it all and didn't release crap.

Not that I would have expected China to. Point is, neither did Biden and/or his handlers.

I'll take your word for it we can't use the oil since I know nothing about that; which, leaves only the symbolism. Symbolism being more important than the act to the people of this country, and the West for that matter.

I'm just hearing about some realities behind the news that don't get looked at because everything these days are talking points and symbolism as you say. It's a frustrating way to live; tiring when we argue about headlines instead of problems.